What do you consider to be the key factors that made an impact across key GCC markets in 2023?
As 2023 concludes, key trends have shaped the payment landscape in GCC markets. The surge in eCommerce and the extensive use of contactless payments (96 percent of face-to-face transactions) positioned the GCC as a leader in contactless payments. Moreover, the growing interest in installment solutions reflects consumer efforts to manage budgets and afford larger purchases. Our upcoming Visa Installment Solution targets the retail market. This provides flexibility and convenience for Visa credit cardholders to make installment payments in both online and in-store transactions.

Looking ahead, will inflation continue to be a challenge in 2024?
The UAE Central Bank has lowered its projections of inflation for 2023 from 3.1 percent to 2.8 percent, which is set to slow down further to 2.6 percent. This reflects lower transportation and food prices. However, interest rates remain high and are subject to further revisions, which translates to higher interest for loans, mortgages, credit cards and so on. This is where financial literacy plays a prominent role in aiding consumers’ budgeting and costing for the year.

What key payment trends does Visa see emerging next year, especially in the GCC region?
In 2024, credit cards and digital wallets are expected to remain popular for online transactions, reflecting eCommerce’s continued growth. Installment payments like Buy Now Pay Later will rise. The majority of consumers in key GCC markets — the UAE (75 percent), Saudi Arabia (78 percent) and Qatar (66 percent) — are already aware of the service. About a third in each country has been using BNPL.

Gaps in financial inclusion have been a subject of discussion among stakeholders in the industry. What are your thoughts on this?
Recognizing the existing gaps in financial inclusion and the imperative to address them, Visa has proactively engaged with governments, banks, merchants and fintech entities to provide financial inclusion to numerous people across the globe. Visa has played a pivotal role in empowering SMBs with cost-effective acceptance solutions like Tap to Phone, Rapid Merchant and Click to Pay. Our commitment to inclusivity is also seen in initiatives supporting women entrepreneurs, such as the She’s Next Grant Program, with grants totaling $360,000 this year.

What are your key takeaways from the recent FII Summit?
The recent FII Summit was a call to leaders across the globe to ponder on the challenges of humanity. Financial inclusion, converting from cash to cashless and digital payment methods impact people remarkably. At Visa, we accelerate innovation in digital payment with solutions that create a frictionless experience, in transport, remittance and retail, including other sectors. We value collaboration between governments, financial institutions, merchants and fintechs, to foster economic growth and financial inclusion in the GCC and proudly align with the goals of the FII Summit.

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